Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0832%/8h= +91.1% APRpaid last 24h +0.037%

Price spread now: GRVT against Backpack+0.428%85s7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1621.623% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now +0.428%, 7d avg −0.044%

Together, before fees+0.155%+ Points / potential airdropGRVT: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and GRVT is 0.472% dearer against Backpack than usual: you sell high and buy low: +$47 more if the spread goes back to its 7-day average of −0.044%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09551	−0.0732	get 0.0092% / 1h	46m 00s	$179K	$243K	10x
Short	GRVT XPL_USDT_Perp	0.09592	0.0100	get 0.0050% / 4h	1h 46m	$260K	$901K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee GRVTbpOrdersPrice spread, now +0.428%Rate

Funding earned: $174.77
Price spread: +0.428% → −0.044%: $47.19
Slippage, 4 orders: −$143.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $59.65
Costs to cover: 1.623%
Break-even: 4.6 days

Slippage from Backpack: live order book, 17 min ago; GRVT: live order book, 17 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 17 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 17 min ago	5.18 bp	77.5 bp −$77	123.6 bp −$1,236	doesn't fit	doesn't fit

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack XPL_USDC_PERPlong	−0.0732%	1h	0.09551	long leg	$179K	$243K	10x
01 Exchange XPLUSD	−0.0440%	1h	0.09518	−0.346%	$553	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09553	+0.021%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0244% / S +0.0574%	1h	0.09542	−0.093%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0003%	4h	0.09549	−0.021%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09528	−0.243%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.736%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09544	−0.074%	$72K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09542	−0.094%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09536	−0.157%	$8.2M	$52.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0048%	8h	0.09528	−0.237%	$12K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	−0.239%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09558	+0.069%	$60.2M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09548	−0.036%	$243K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09540	−0.117%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09546	−0.051%	$43.3M	$108.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09530	−0.220%	$45.2M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	+0.932%	$140K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09551	0.000%	$2.9M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09550	−0.010%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09540	−0.115%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09544	−0.073%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09548	−0.031%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−0.264%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09592	+0.428%	$260K	$901K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.010%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09541	−0.110%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.325%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.010%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09558	+0.073%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09547	−0.044%	$629K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09546	−0.050%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	+0.230%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09558	+0.073%	—	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09455	−1.005%	$73K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3586%	1h	0.09585	+0.354%	$544K	$1.0M	10x	as long as short